Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-06-25
SHAKE UP IN STOCKS.
AN UNPRECEDENTED DRIVE IN THE
NEW YORK MARKET.
Gould Stocks the Particular object - A
Tremendous Selling Movement
Panicky Fluctuations
over by Noon.
tBy telegraph to the Dispstch.l

vas suhjocte5 to day TO one OF the heaviest
drives ever known In lis history, ana
although its duration was sh0rt-about one
hour and half-tbe depression caused IN
urjccs during that time was SOMETHING un-
prcctderted. I he market early m tue
morning gave no Indication OF anything
unusual. Prices were heavy and ,he same
nHiot business usual Of late was transacted.
suddenly, shortly after II O'Clock, an At
tack was begun, Gould stocks being the
uartlcular OF feet OF attention. hsnbht,n
was quickly marked down from 1852 Id
I1J: Missouri Pacific from lOjt To ~
and Mut,m Union from 75s 70 90
Rumors were circulated az the same time oi
a disagreement between NcS'TS. b)uld,
Field. ard SAGE, and later thi, wns followed
by rspoIts q The Ccath OF Mr.. Gould.
TIE money ulrkCt YVES not neglected. iod
Ia;cs vcic marked 80 > i.lG and Interest.
\ tremendous selling movement begun,
which soon became panic, ana hnctui-
uors were 20 longer confined n iric'i0n',
tut prices dropped 10 some cases anu
yCr cent. "a time. The stories m regard
TO Mr.. Gould soon met with prompt deniN
Nv even The yrOfcs ,IOnal bears, who were
influential in stopping the wild ,aicS OF So
CUIiiies. OthCr tumOrs which bad been SCI
anCat were dis proNod, and liberal buying
,oou turned hctlde Of affairs. Free recovery
followed in all except a few OF the CON
,uicuou-y weak stock; among which
Manhattan ana Richmond and West Point
ntrc most conspicuous Specialiies were
not .ba,tr, 10 any great cNienti In the move
ucut. y lich Wa confined To- leading specu-
hiIyc st,cAs. The opening vas quot ana
firm 10 strong. the first prices generally
showing advances OF from 90 per cent.
over Nc.t,Tuat's closing figures. Gould
stocks were uotlccably heavy, although
their C,cIuCs ior the first hour were
confined TO les lban | per cent
Willie tie rmaiBdcr Of the market was
nrtguisr with narrow fluctuations. When
| he great drive was made everything gave
| way Wih q RUN, the sales for the succeed
ug hour being something enormous
| about 10000 shares. he worst OF the
| decline ubs over 10y noon, but the recovery
was not fairly under way before II. NJ,
| when tie market again subsid'd into mid
| sun Mer dulness. There wa, more trading
| aier how ever, and the market fuctuated
fr, quent'N, the general tendency, however,
| being urVold. At the close it WIS
| sull In,ttilcG but generally firm.
| Tie total bu,iuc.s for the day was
tie lmg,,t fer any day 20 lar this
| year, Amounting 10 C6,,00) shares. The
| entire icilNc list i lower ard Manhattan !,
down 2l4 per cent. Denver preferred q,
| Richmond and West Point and North
! western -. Western Union q. Missouri
| Ps,ifc, -. TeXa, Pacific II, Colorado
| Coal y, Lake Erie aud Western
! inferred T.. Oregon Transcontinental l.,
New England IL, Reading l., Wheeling
and Lake Erie ,, aud Others fractional
| amounts.
Wal street was puzzled to account for
| the fact that such great decline could
| occur without Dragging down some OF the
| bull bot -cs which have been carrying large
! lines Of .to,F>, but this was explained by
| report, that Gould, Field, Vanderbilt, aud
| PhiaCelIhii capitalists had taken up the
| stocks " lich were i'm weak hand, and r..
| Htycd n hodtl> u the necessity OF sac.
riilcipe litm. Cyrus W. Field, one report
,aid. had taAcu ~ 5000. 900 u Manh ,ttln
| stock. Field ana George Gould deny the
| c0rrCcin, 81, OF the reports that there has
been any DISAGREEMENT between Gould.
| Iitld, aud ,age.
GOULD DiNoTNCrs THE FALSE REPORTS.
A rcIolt,r Il the Associated Press saw
| Mr. Gould in his Office, and Mr.. GOuld fur
ni,lod him with the following letter,
! when ne Udl ftIl 10 obun y. httiAAus
"TLc bulletin you are putting out that
my Manhattan stock i in loans /, mali
cious fal.chood. Not share Of my Man
haitian /, IN looms or ha, had my name on
the back, nor do | owe a dollar IN the
world. You should promptly contradict.
Youf<t1uiy. JAY GOULD
Mr.. Gould said further that the story that
be and Mr.. cyrus W. Field had qulrrelled
va. untrue: that hc and Mr.. Field were a.
good friends as ever.
SECRETARY FAECIUD READY TOR ~ ENER
GENCY.
WasmyGToN. ID. e., June III Secretar,
| Faichlld laid thi, afternoon no 1870 O'clOca
tLat be- had arranged with Assistant Ire ~
| urcr CAMILLA, al New York, 10 keep hin in
'crmcd # the condition Of a1iir, in Wal
,tIcC c,Tcoially il anyihinc serious should
occur, hut that 20 far be bad heard nothing
10 cause my particular urclsint,s. lie aid
'hat tLo ,iiuctiou Il tins hour did not seem
| fC require any assistance from the Ire I-ury.
lie minated very plainly tnat should a
ganic stem imminent he would authorize
the prepayment OF interest due July 1t.
| which would r cgSe about SJ,010,00O. H.
| also said that If il Should become necessary
be- N0ulG nG.r 90 redeem At once without
rebate Si9t0o.0O0 3 per cent. bonds,
| maturing july let
NEW YORK. June 2i-Noon.--Stocks active
| ana weak. money scarce Al iaS per cent. EX-
cbange-Loug, 4slA; short ioi4. Govern
! mems dun.
Er,ninq.-EHchanee demorallzei and ,ayy:
| long. -: short, isJb Money very tight 40 o
| 6Ji6 per cent. closing at bid. SuO-Irea.
| sury balauces-Gold. fl}i,5l9,0JO; currency,
! sl.g-2lOo Governments duh: per cents,
| 10. a. per cents, 1902. . state bonds dun.
| AlahaMa--C lass A. to o...................ICS
| Is. Is, small.
| Georgia rs. mortgage. .la5hodl 100
| Nouu Carolina consOl 6's...................l.O
| North Carolina s s OBSERVATION-DISCLOSURES. 100
| South Carolina Brown cOn,Ols..............lUSL